Celamin Holdings (ASX: CNL) has received another vote of confidence for the company's African potash focused projects, with Commonwealth Bank (ASX: CBA) boosting its stake by one per cent.
Commonwealth now holds 6.02% of Celamin, with Australia's largest bank only last month becoming a substantial shareholder.
With such a major bank on the shareholder registry, this identifies that the likes of Commonwealth would have conducted in-depth research and analysis before acquiring such a position.
Celamin also boasts Lion Selection Group (NSX: LGP) as a major shareholder with 14.55%, with Lion Selection increasing its Celamin stake several times in 2011.
Celamin is a little known phosphate play, which recently received trench and drill hole sampling results at the Bir El Afou Prospect, confirming the phosphate mineralisation in Tunisia as expected.
The Bir El Afou Phosphate Project is held in partnership with local company Tunisian Mining Services SA, with Celamin targeting first mine production by the end of 2013.
The Pre-Feasibility Study is targeted for completion in September this year.
The stage one production target is 1.5 million tonnes per annum (Mtpa) of +32% phosphate (P205) (+70% BPL).
The stage one Resource target is 23 to 27 million tonnes of 14 to 16% P205 run-of-mine.